Africa's share in Turkey’s foreign exchange surges to reach USD45 billion in 2022

2022-10-02 04:01:41

(MENAFN) With Africa's stake in Turkey’s foreign exchange having grown considerably in the last 20 years, exchange volume with the continent is anticipated to stand at USD45 billion in 2022.

Turkey have faith to grow its shipment destinations in the direction of 18 aimed African countries, such as Ethiopia, South Africa, Nigeria, Libya, as well as Egypt, as shown by figures from the Turkish Trade Ministry.

In 2021, the nation made USD21.2 billion in shipments to Africa, increasing from just USD2.1 billion 19 years ago. This also surged the continent's stake from 4.5 percent to 9.4 percent during the same period.

In the first eight months of this year, Turkey’s shipments to Africa amounted to USD16.7 billion, with a yearly surge of 28.7 percent.

19 years ago (2003), the Turkish Trade Ministry presented the Development of Commercial and Economic Relations Strategy with Africa.

Since then, the nation has stepped up its efforts to improve relations with Africa, for example by arranging two-sided trips more regularly.

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